Question: HELLO Do YOU HAVE THE ANSWER 1 1 . On January 1 , 2 0 2 0 , Combs Corporation sold a tract of land

HELLO
Do YOU HAVE THE ANSWER
11. On January 1,2020, Combs Corporation sold a tract of land to its 100% owned subsidiary, Tiniton, Inc., for $550,000. The land originally cost Combs $440,000. Tiniton reported net income of $270,000 and $305,000 for 2020 and 2021, respectively. Combs received dividends from Tiniton of $35,000 and $36,000 for 2020 and 2021, respectively. Assume that Combs uses the cost method to account for its investment in Tiniton. Compute the amount of the [ADJ] consolidating entry necessary for 2021. Select one: A. $341,000 B. $235,000 C. $125,000 D. $340,000

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